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Katy Milkman

๐Ÿ‘ค Speaker
275 total appearances

Appearances Over Time

Podcast Appearances

Marketplace All-in-One
Wait...where did my retirement money go?

I'm going to schedule time for it.

Marketplace All-in-One
Wait...where did my retirement money go?

So that's the lowest level of entrapment of yourself is sort of, now instead of a vague commitment to do this soon...

Marketplace All-in-One
Wait...where did my retirement money go?

there's an explicit commitment.

Marketplace All-in-One
Wait...where did my retirement money go?

Here's the time, here's the date.

Marketplace All-in-One
Wait...where did my retirement money go?

And maybe I even told another human so that I'd feel some shame.

Marketplace All-in-One
Wait...where did my retirement money go?

So now you're changing the cost benefit a little bit.

Marketplace All-in-One
Wait...where did my retirement money go?

Now the cost of procrastination has just inched upward a little because now you've got shame involved.

Marketplace All-in-One
Wait...where did my retirement money go?

And before you just had like this vague thing you'd put off.

Marketplace All-in-One
Wait...where did my retirement money go?

So that's like a very low level way to entrap yourself.

Marketplace All-in-One
Wait...where did my retirement money go?

Yeah, yeah.

Marketplace All-in-One
Wait...where did my retirement money go?

For those of you who that's not enough, which is like maybe 97% of you, you can get more aggressive.

Marketplace All-in-One
Wait...where did my retirement money go?

And by the way, the category of tool we're talking about here, like social scientists call it, we're talking about commitment devices.

Marketplace All-in-One
Wait...where did my retirement money go?

The idea is you're used to having other people

Marketplace All-in-One
Wait...where did my retirement money go?

create constraints to help you do a thing that you might not do otherwise.

Marketplace All-in-One
Wait...where did my retirement money go?

Like, you're used to your boss being like, get this to me by Friday or else you're not going to get your bonus at the end of the year.

Marketplace All-in-One
Wait...where did my retirement money go?

The world is full of others setting up systems that create incentives that align our long-term goals with what we do.

Marketplace All-in-One
Wait...where did my retirement money go?

Um, what's weird about a commitment device is it's you preventing yourself from doing the thing that's tempting.

Marketplace All-in-One
Wait...where did my retirement money go?

So it's like you're flipping it around.

Marketplace All-in-One
Wait...where did my retirement money go?

You're like, you're your own teacher, your own boss, your own, uh, nanny state or whatever.

Marketplace All-in-One
Wait...where did my retirement money go?

Okay.